Everyone buying Luna haven’t done any research you see they keep adding coins and lowering the price this morning they had 700 millions coins in circulation now they’re up to 6.5 trillion and market cap is back to 40 billion instead of what it was this morning at 2 billion they are just stealing from us
This what I have been telling people i know. Buying on the down is normal, but what many people, including me, did not know is that while we were buying, they diluted the hell out of LUNA value by adding almost 6.8 trillions coins... yes, trillions... to their existing 764 existing coins:
5/11: 1.8 billions
5/12: 185 billions
5/13: 6.7 trillions
If a company wants to increase the numbers of outstanding shares, they would announce the board recommends it, but still gets shareholders to vote. Not here, Do Kwon and his board just quietly did it... Maybe there are people who got this news early, but we only found out late on 5/13. Had we known on 5/11 or even 5/12, we would not have bought. Just dividing market cap (when it was at $80 x 764M coins) by 6.8T coins, it would be shitcoins even before the attack.